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THE LAW OFFICE OF MARK J. MARKUS

Los Angeles California Bankruptcy Lawyer*
Practicing exclusively bankruptcy law since 1991
Free phone consults.  Office in Burbank.
*Board Certified Specialist in Bankruptcy Law

Contact Mark

Phone: 1-818-509-1173

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How To Avoid Bankruptcy And Prevent Effects of Coronavirus Covid-19

Debt Caused By The Coronavirus We are living through some truly bizarre times. The latest Coronavirus, named "Covid-19" has halted businesses, entertainment, social events, and caused the stock market to tumble. The medical impact of this virus is being debated daily (and every minute), but the economic impact will undoubtedly be devastating and could last for years. The inability of certain businesses to operate at full capacity (such as restaurants) and those relying on international commerce will suffer greatly, and [...]

2021-07-25T18:19:39-07:00March 15th, 2020|

Can You File Bankruptcy On Medical Bills Debt In Chapter 7 or 13?

According to recent studies, medical bills are the major cause of individual bankruptcy filings in America. In an article written by Lorie Konish for CNBC.COM summarizing recent studies, two-thirds of people who file for bankruptcy cite medical issues as a key contributor to their financial downfall. I am not sure how accurate that is, but as long as the insurance industry controls medical care in this country, people will have medical bills that they cannot pay. Medical Debt Can Be [...]

2021-12-18T13:23:13-08:00February 17th, 2020|

How Does Bankruptcy Work?

What exactly is bankruptcy? People often refer to having no money as "being bankrupt". But that is not bankruptcy. Bankruptcy is a set of laws designed for individuals and businesses (and also railroads and cities) who are unable to pay all their debts when due. What Do Bankruptcy Laws Do? The big picture:  Bankruptcy law is designed to alleviate obligations of debtors (those who owe money) balanced with the rights of creditors (those to whom money is owed) to maximize [...]

2021-07-25T18:23:15-07:00January 5th, 2020|

Government Shutdown Can Lead To Bankruptcy

The recent government shutdown of the United States Government has highlighted a scary reality affecting millions in America: Many  people live from paycheck to paycheck. It is a sad truth of living today.  It is really hard to save money; people scrape by as long as they have their jobs. Disappearance of The Middle Class:  Living Paycheck To Paycheck The cost of living has vastly outpaced income growth over the past several decades, resulting in a near disappearance of the [...]

2021-07-25T18:34:39-07:00January 22nd, 2019|

Filing Bankruptcy At Age 21, 25, 30, 35, 40, 45 – When Should You File?

To determine when or if to file a bankruptcy case requires one to examine multiple factors. Age is not really a critical factor--as explained more fully below--but it is one to consider.  More on Bankruptcy Issues Unique To Elderly/Seniors A 23 year old is going to have different goals than someone who is, say,  60 or 75. Older people do not own exclusive rights to financial problems.  It happens to those more junior in years as well. Factors To Consider [...]

2021-09-05T11:44:18-07:00October 31st, 2018|

Bankruptcy for Senior Citizens and Elderly

Are you a senior citizen?  Do you have debts?  Have you ever considered bankruptcy as an option to resolve those financial problems? A recent article by Tara Siegel Bernard published in the New York Times has caused a lot of discussion in the bankruptcy community and elsewhere. The article relies on a study done by several law professors and concluded that an increasing number of senior citizens are filing for bankruptcy these days. The reasons are varied and there are [...]

2021-07-25T18:42:40-07:00August 23rd, 2018|

What Happens If I Forget To List A Debt In My Bankruptcy Case?

Is It A Problem To Forget To List A Bankruptcy Debt? It is hard to remember everything. In a bankruptcy case you are supposed to list all the people, or entities, to whom you owe money. Even if you do not yet owe the money, but the underlying cause of the possible debt already occurred, it should be listed. The reason for this is the ever popular "due process" concept we hold dear in this country. Creditors (parties owed money [...]

2021-07-25T19:38:08-07:00July 10th, 2018|

Why Bankruptcy Trustees Prefer You To File Without An Attorney

Chapter 7 Bankruptcy Trustees Make Money Selling Assets Bankruptcy trustees are in business to make money. Most knowledgeable sources recommend against people filing  bankruptcy cases without an attorney. But not Chapter 7 bankruptcy trustees. I recently attended a panel of some Chapter 7 Trustees who quite honestly admitted this fact. And why do they prefer this? Because trustees make more money when the party filing bankruptcy (debtor) has no legal representation. What Do Bankruptcy Trustees Do? In Chapter 7, a [...]

2021-07-25T21:51:14-07:00November 1st, 2016|

Can I Discharge Unlisted Debts In a No Asset Chapter 7 or Other Bankruptcy Chapters?

When you file a bankruptcy case, the main goal is usually to eliminate the obligation to repay debts. But what if you don't know everybody you owe money to? This is very typical and can result in different ways, such as: You had recent medical treatments, but have not yet received all your bills; Your debts are old and  haven't opened your mail for several years and you don't know who you owe. What happens in cases like these? Do [...]

2021-07-25T22:02:13-07:00June 9th, 2016|

Why You Should Not Repay Debts Before Filing Bankruptcy

Why pay off a credit card or other debts before you file bankruptcy? This would seem to be a counter-intuitive thing to do.  After all, you're filing bankruptcy presumably because you need to eliminate debts. But many debtors choose to pay off some of their creditors right before filing bankruptcy. Many think that by paying off a credit card before filing bankruptcy, they will continue to be able to use that card after bankruptcy and that it will not be [...]

2021-07-26T11:49:43-07:00August 17th, 2015|
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